ADAMA Reports Second Quarter and First Half 2021 Results
Strong Q2 sales growth driven by continued robust volume growth, boosts H1 sales
to a record-high
Second Quarter 2021 Highlights
Sales up 18% to a Q2 record-high of $1,220 million (RMB: +7%), driven by robust 15% volume
growth
Adjusted EBITDA up 9%, reaching $186 million (RMB: -0.5%)
Reported net income up 8% to $34 million (RMB: -1.4%)
Adjusted net income up 18% to $63 million (RMB: +8%)
First Half 2021 Highlights
Sales up 16%, pushing H1 sales to a record-high of $2,329 million (RMB: +7%)
Adjusted EBITDA up 6%, reaching $343 million (RMB: -2.5%)
Reported net income up 97% to $57 million (RMB: +79%)
Adjusted net income up 21% to $115 million (RMB: +11%)
BEIJING, CHINA and TEL AVIV, ISRAEL, August 25, 2021 – ADAMA Ltd. (the “Company”) (SZSE
000553), today reported its financial results for the second quarter and six-month period ended June
30, 2021.
Ignacio Dominguez, President and CEO of ADAMA, said, “Today, with crop prices at levels we
have not seen in a number of years, and the resulting increase in planted areas, global demand for
crop protection products is strong. This brings great opportunity, and places immense responsibility,
on ADAMA and our industry to support the world’s growers with safe, effective and sustainable
solutions to ensure they can nourish the planet, especially in a time of global pandemic-related
uncertainty and disruption. I am extremely pleased that we continue to deliver on our business
performance goals, reporting another quarter of business and profit growth. This has been achieved
despite the extraordinary times we are in, which continue to pose numerous challenges to global
logistics and supply lines, and is a testament to the commitment and dedication of our people to
continue bringing our crop protection solutions to farmers across the globe."
Table 1. Financial Performance Summary
As Re por ted Adjustments Adju ste d
USD (m) Q2 Q2 Q2 Q2 Q2 Q2
2021 2020 % Change 2021 2020 2021 2020 % Change
Revenues 1,220 1,036 +18% - - 1,220 1,036 +18%
Gross profit 340 300 +13% 25 11 365 311 +17%
% of sales 27.9% 29.0% 29.9% 30.0%
Operating income (EBIT) 90 88 +3% 35 25 125 112 +12%
% of sales 7.4% 8.5% 10.3% 10.8%
Income before taxes 36 44 -18% 35 25 71 69 +2%
% of sales 3.0% 4.3% 5.8% 6.7%
Net income 34 31 +8% 30 23 63 54 +18%
% of sales 2.8% 3.0% 5.2% 5.2%
EPS
- USD 0.0145 0.0128 +14% 0.0272 0.0220 +24%
- RMB 0.0937 0.0905 +4% 0.1759 0.1559 +13%
EBITDA 164 168 -2% 21 2 186 170 +9%
% of sales 13.5% 16.2% 15.2% 16.4%
As Re por ted Adjustments Adju ste d
USD (m) H1 H1 H1 H1 H1 H1
2021 2020 % Change 2021 2020 2021 2020 % Change
Revenues 2,329 2,008 +16% - - 2,329 2,008 +16%
Gross profit 645 577 +12% 42 30 687 607 +13%
% of sales 27.7% 28.7% 29.5% 30.2%
Operating income (EBIT) 156 138 +12% 68 71 223 209 +7%
% of sales 6.7% 6.9% 9.6% 10.4%
Income before taxes 65 64 +2% 68 72 133 136 -2%
% of sales 2.8% 3.2% 5.7% 6.8%
Net income 57 29 +97% 59 66 11
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